Is Apple, now trading near all-time highs with a market cap of $833 billion, overpriced?

Hedge fund legend Julian Robertson, who has several decades of investing under his belt, doesn't think so.

"I think we should definitely look at Apple," Robertson told an audience of Wall Street money managers at the Delivering Alpha conference on Tuesday, September 12. "Apple is not that expensive of a stock."

Robertson also believes Facebook, Google, and Netflix have plenty of room to run, giving an endorsement to most of the high-flying tech stocks that comprise the acronym FAANG. The stock he didn't mention was Amazon.

"There are a lot of disadvantages of being an old goat," said Robertson, 85. "One of the advantages is we’ve seen this all before."

Robertson, a billionaire hedge fund investor, is famous for seeding promising investment firms, called "Tiger Cubs" in a nod to his hedge fund, Tiger Management.

In Robertson's view, the FAANG stocks would've been priced even higher in decades past when there were less assets competing for attention.

"Those great growth companies, are priced cheaper than they ever would have in the 1960s and 1970s," Robertson said.